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FHLBB To Stop Buying Mortgages Insured By CUNA Subsidiary

Aug 24, 2009 | Reprints | Unlock Link | Print

The Federal Home Loan Bank of Boston will no longer purchase mortgages with primary mortgage insurance provided by mortgage insurer CMG Mortgage Insurance, effective Oct. 19, according to a report from Credit Union Times.

FHLBB said such loans will no longer be eligible for sale under its Mortgage Partnership Finance Program until further notice. First Vice President Mortgage Manager Paul Pouliot made the announcement in an Aug. 19 letter to all participating institutions.

CMG Mortgage Insurance, based in San Francisco, is jointly owned by CUNA Mutual Insurance Society and PMI Mortgage Insurance Co.

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